UCO Bank Personal Loan Interest Rates
UCO Bank offers personal loans up to Rs. 10 Lakhs at interest rates ranging between 10.95%, and processing fees of up to 1% of the loan amount. The UCO Bank personal loan rate of interest varies as per the scheme availed and the borrower’s eligibility.
Benefits of UCO Bank Personal Loan
- Low processing fees and processing fee waivers available for certain loan types
- Competitive interest rates with subsidies for certain borrowers
- Long tenures enable the customers to pay off the loan at their convenience
- Secured as well as unsecured Personal Loans available
Features of UCO Bank Personal Loan
Below are some basic features of UCO Bank Personal Loans:
| Available for | Salaried employees, self-employed individuals, and pensioners |
| Purpose | Funding to meet expenses like marriage, education, agricultural needs, social obligations, purchase of consumer durables (television, computer, refrigerator, air conditioner, etc.) or any other gadget, etc. |
| Amount | Up to 10 Lakhs, depending on the income of the borrower and the type of loan facility availed. |
| Tenure | The tenure also depends on the type of loan. The tenure can go up to as high as 60 months. |
| Rate of Interest | Varies as per the loan scheme availed |
| Prepayment | Prepayment of Personal Loan is allowed at any point after disbursement at nil charges. |
| Processing fee | The processing fee is different for each kind of loan product. The maximum personal loan processing fee charged is 1% of the loan amount + tax (minimum 1,000). |
UCO Bank Personal Loan Interest Rates
UCO Bank has introduced a new Repo Rate Based Lending Rate, called UCO Float Rate. The revised UCO Float rate is 8.05% w.e.f. 05.10.2019. The details of the personal loan interest rates applicable on different Loan schemes offered by UCO Bank are as follows:
| Loan Type | Applicable Rate of Interest |
|---|---|
| UCO Cash Loan |
|
| UCO Pensioner |
|
| UCO Shopper Loan Scheme |
|
| UCO Securities | UCO Float Rate + 3.40% = 11.45% |
| UCO Gold Loan Scheme | UCO Float Rate + 0.35% to UCO Float Rate + 3.30% = 8.40% to 11.35% |
Types of Personal Loans Offered by UCO Bank
UCO Bank offers different kinds of Personal Loans that can suit different kinds of requirements. They offer customised term loan plans for individuals as per their purpose. Below are some of the Personal Loan types offered by UCO Bank:
UCO Cash:
- This loan is available for any personal requirement such as wedding expenses, education expenses, medical expenses, home-related expenses, etc.
- This loan is available for salaried employees working with any government or public firm, private company, MNC, or any reputable institution.
- Applicant must have at least 2 years of experience
- Applicant must have a Salary Account with UCO Bank branches
- Up to 10 times of gross monthly income (subject to a maximum of 10 Lakhs) can be availed as a personal loan.
- No security is required for the UCO Cash Loan
- Tenure can be up to 60 months
UCO Pensioner Loan:
- This loan is available for individuals who receive a monthly pension in UCO Bank
- This loan is available for any personal purpose, such as medical expenses, payment of insurance premiums, marriage expenses, educational expenses, traveling expenses, repairs of house, funeral expenses, and agricultural needs.
- Up to 10 Lakhs can be availed as a personal loan amount
- Tenure can be 48 months or until the pensioner reaches 75 years of age
- Spouses/heirs of pensioners are required to sign as guarantors. Third-party guarantors are also eligible.
UCO Shopper Loan Scheme:
- This loan is available for the purchase of consumer durables, such as refrigerators, air conditioners, televisions, computers, any other electrical gadgets, etc.
- This loan is available for self-employed individuals or salaried professionals who are existing customers of UCO Bank.
- The applicant should have a minimum monthly salary of 30,000
- The minimum age criterion is 21 years. The maximum age until the end of tenure can be 60 years for salaried applicants and 65 years for self-employed applicants.
- Up to 2,00,000 or up to 10 times gross monthly income can be availed as a Personal Loan
- Up to 60 months of tenure can be availed
UCO Securities:
- This loan is available to individuals who own any form of securities like National Savings Certificate, Govt. Securities, Kisan Vikas Patra, etc.
- This loan is available for individuals who have the securities in their own names or are joint owners of the same.
- This loan can be provided in the form of a term loan, an overdraft account with a pre-approved amount, cash credit, etc.
- Tenure availed can be until the maturity of the provided security
Gold Loan Scheme :
- This loan is available for any purpose related to the priority sector like agriculture, home sector, expenses, education, small businesses, or MSMEs.
- This loan is available for individuals/groups from rural/semi-urban/urban sectors. Both salaried and self-employed individuals are eligible for this Personal Loan.
- This loan is provided against the security of gold ornaments
- The loan amount availed depends on the value of the gold ornaments
UCO Bank Personal Loan Fees & Charges
The bank issues certain charges when you submit your loan application to them. Below are mentioned the charges commonly asked for by UCO Bank:
| Category | Type | Fees / Charges |
|---|---|---|
| Processing Fee | UCO Cash | 1% of loan amount, minimum 750 |
| UCO Pensioner | Nil | |
| UCO Shopper Loan Scheme | 1% of loan amount, minimum 1,000 | |
| UCO Securities | 250 per case | |
| UCO Gold Loan | For priority sectors:
For non-priority sectors:
| |
| Prepayment Charges | All types | Nil |
| Legal Charges & Stamp Duty | All types | As per state laws |
UCO Bank Personal Loan Eligibility
The main eligibility criteria for UCO Bank Personal Loan are as mentioned below:
| Minimum income | The minimum income required for approval depends on the type of loan you wish to avail of and your gross monthly income. Up to 10-12 times of gross monthly income can be availed. |
| Age criteria |
|
| Experience required | The experience required depends on the type of loan and applicant. Generally, at least 2 years of minimum work experience is required in the case of salaried employees. |
Documents Required for UCO Bank Personal Loan
Simply providing the application form is not enough to start the approval process of your loan application. The bank also requires you to provide certain documents to verify all the claims that you make in your loan application. Although the document list can vary for different types of products, certain documents are mandatory and asked for by the bank for all kinds of applications. These are documents related to your identity, residence, and income proof. The bank uses these documents to verify your eligibility for the personal loan.
Below are the documents that you will need:
- Duly filled application form
- Identity proof
- Residential proof
- Proof of income from salary/business/profession/pension/etc.
- Processing fee cheque
- 2 passport-sized photographs
How to Calculate UCO Bank Personal Loan EMI?
The EMI (Equated Monthly Instalment) amount is the amount that has to be paid every month to the bank as repayment against the loan availed. The EMI amount has to be comfortable enough because you will have to pay the EMI regularly every month.
Calculating the EMI amount can be a fairly complicated process. There are a lot of calculations associated with it and the process can be time-consuming as well. For this reason, most banks and financial institutes provide a tool called an EMI Calculator. The EMI Calculator can help with complex EMI calculations and provide you with the EMI in a very short time.
MyMoneyMantra also provides you with an EMI Calculator to help you with this phase of the EMI calculation process. The EMI Calculator is a free tool available to anyone who can access the MyMoneyMantra website. The EMI Calculator requires you to enter the loan amount, rate of interest, and tenure as input to calculate the EMI amount.
UCO Bank Personal Loan Customer Care Details
CO Bank has an efficient customer care system set up to ensure that customers always receive immediate assistance for all their needs. Customer care executives are even available to visit your place and help you apply for a personal loan. Below are the customer care details that you can use to contact the bank:
- Toll-free number: 1800 274 0123
- Email address: Uco.custcare@ucobank.in
UCO Bank Personal Loan Interest Rates FAQs
The most important eligibility factors for a Personal Loan are age and income. Your credit score is also very important to avail a Personal Loan. A credit score higher than 750 is also required by the applicant for applying for the same. Other factors that might affect your Personal Loan application are existing loans, number of dependents, and disposable income. You can contact MyMoneyMantra to determine your eligibility for the Personal Loan.
It is possible to pay the repayment amount before the end of the loan tenure. This is called as loan foreclosure wherein the entire amount left to be repaid is paid off in a single instalment. The bank then closes off your loan.
The rate of interest on your Personal Loan depends on a lot of factors like loan amount, income, credit score, etc. A high credit score can mean a lower rate of interest. You can also go for a joint application or provide some form of security to further lower your interest. Subsidies are also available for special purposes or for women.
A fixed-rate Personal Loan is one where the rate of interest applicable to your loan amount remains fixed throughout the tenure. In the case of a floating-rate Personal Loan, the rate of interest changes as per the change in the market lending rate. This can impact your EMI amount accordingly.
UCO securities are Personal Loans provided to applicants against any form of securities they may have. These include Government Bonds, National Savings certificates, Kisan Vikas Patra, etc. The loan amount depends on the value of these securities and the tenure is until the maturity of the provided security. This loan is provided in the form of a term loan where the amount is provided in a single disbursement or an overdraft facility where an ore-approved amount is provided into an overdraft account. The individual can withdraw the required amount from the account as and when required.
For a Personal Loan, only your immediate family members like spouse, parents, or siblings are eligible as co-applicants.